‘Indian SMEs are Yet to Initiate their Vision for Acquiring Global Technologies’

Union Minister Anant Geete has said the government has so far not received any proposals from medium, small and medium enterprises (MSMEs) to acquire global technology.

“We have initiated a scheme for providing financial assistance to small and medium industries which wish to acquire global technology to become competitive. We have made an allocation of Rs 50 crore for this. However, we have not yet received any proposals,” Geete told reporters here on Monday on the side-lines of an event.

To enable domestic SMEs in the capital goods sector to match up to the global competition, the government last year sanctioned a pilot scheme with provision of Rs 930 crore, of which Rs 580 crore will be provided by the Centre and the balance by a consortium of industry bodies.

“The government is ready to provide all the necessary assistance to the industry. Even if it requires making amendments in the existing policies, we are ready,” the minister for Heavy Industries said.

“We want to put more emphasis on research and development to become more indigenous,” he said.

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